Hedera

Reversal

The post <a href="https://coinpedia.org/price-analysis/hederas-hbar-analysis-faces-an-upward-channel-pattern-breakout/" rel="noopener noreferrer nofollow">Hedera (HBAR) Analysis: Faces An Upward Channel Pattern Breakout</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a>
Hedera (HBAR), the enterprise blockchain network entered this week with a 100% surge to $1.810 on May 2, a 2-year high. Driven by the anticipatory news of Blackrocks involvement in Hedera, which was later clarified to be false. This revelation led the price to correct back to a low of $0.095 causing massive sell-offs and slashed trading volume.&nbsp;
The charts of HBAR speak for a short bearish trend with a possible reversal to $0;18.&nbsp;
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/x1t4SJWq1CP9RJzxC9c2FFHtS07f07vIV_aYgFFsWQ2bEdxKS7OhI4dD8yUDVsChoTGw0_wSXidrqR0hCBpPj9DKnNs-A39URRv1UuR1gVoa_4ukKtUfdFMAHZ-JmnXtsRQGIEWIjKJ0CJ0BVHt76nA" alt="">
</figure>
HABR/USDT 4-hour chart formed an Upward Channel pattern followed by a potential breakout from $0.12 to the current $0.106 with a 24-hour drop of 3.7%,. After rejecting the $0.12 resistance the price dips created a downturn to break cruical support $0.114. The bear rally continues with a lower support level near 200 SMA of $0.08.&nbsp;
Is the Reversal Possible?&nbsp;
Though there is a downtrend across all time horizons, we also see the MACD for HBAR now is negative below the signal line and RSI is in the neutral zone at 42.56, which is a setback that may attract new buyers.&nbsp;
HBAR is currently experiencing sell-offs with a very high volatility of 15%,&nbsp; most of the moving averages favor a buy signal and daily oscillators in the neutral state. Currently, there is no favorable outlook for Hedera Hashgrah.&nbsp;
The trade setup looks entranced for trend traders as the price rejects sideways trading and the bearish trajectory may push the HBAR back to the accumulations zone at $0.08 again. A rebound from here is expected.&nbsp;
The analysis suggested a psychic stop loss at $0.1 or $0.09 or wait for another breakout.

Hedera (HBAR) Analysis: Faces An Upward Channel Pattern Breakout

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